I do exactly this for corporate events at my employer. The camcorder is locked down and shoots wide, unmanned. I operate the DSLR (5D2 in my case - with a 12 minute limit) for closeups. Because I manage framing and focus, it's easy to stop/start the recording during transitions. I record main audio to the camcorder and auto-gain audio to the DSLR for sync purposes.
Note that cutting the DSLR result into smaller clips actually has a benefit. Because the cameras aren't genlocked, there is a small amount of drift. By syncing the smaller DLSR clips, the drift is small and unobjectionable.
The limit would be a problem if the DSLR were unmanned, but given that it does closeups, it's manned and necessarily has transitions as you move from one subject to the next.
Note that there are automatic syncing tools, but I don't find it too time consuming to sync the small number of clips (5-10) manually.